增值税留抵退税、资本深化与企业新质生产力OA

Employing Chinese A-share companies from 2012 to 2024 as the sample,this study treats the outstanding VAT carryforward refund policy as a quasi-natural experiment.An staggered difference-in-differences model is constructed to examine the impact of the policy on new quality productive forces of enterprises.The results indicate that the VAT carryforward refund policy enhances new quality productive forcesof enterprises.Mechanism testsdemonstrate that the policy fosters new quality productive forces through capital deepening.Heterogeneity tests show the policy generates stronger promotional effects for high-tech sectors,low-leverage firms and enterprises with mature digital transformation.Additionally,a sound macro environment,such as well-functioning factor markets,enhances the policy's promotional effect.Economic consequence tests further show that corporate new-quality productive forces driven by the VAT carry-forward refund policy boost firms' market performance and strengthen their supply chain resilience.These findings provide micro-level empirical evidence on the influencing factors and determination mechanism of the development of new quality productive forces in enterprises,and also offer policy evaluation insights and practical implications for the implementation of the carryforward refund policy.